Planned Economy

Abstract

‘Planning; planned: Intended, in accordance with, or achieved by, a careful plan made beforehand’. This is the Chambers Dictionary definition. Of course in this sense we all plan, whenever we think carefully of what we might do in the future. All economic decision-making relates to the future, since all transactions take time, and in the course of time some circumstances might have changed, and so plans are frequently unfulfilled, or have results different from the original intention.